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glassjoe

What's the biggest credit myth you believed before CB?

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Thought it would be interesting to start a thread about common misconceptions.

 

Mine were:

 

1) If you pay a collection or charge-off, that makes it no longer a derogatory item.

 

2) If an inquiry shows on your CR, as long as your were approved and the account is showing, the inquiry doesn't hurt your score.

 

3) Derogatory items such as; collections charge offs, repos, foreclosures...etc, cannot be deleted.

 

What were some of the things you heard/believed?

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Not me...but many have

 

Multiple MORTGAGE/AUTO INQUIRES in 30 days count as 1 inquiry

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I "THOUGHT" PAYING $50,000+ in credit card debt would HELP with F.I.C.O.

 

I'm still PAYING FOR THAT ONE!!!

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I never really harbored any misconceptions about credit, but I did underestimate the influence of occasional, one-time lates.

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So, she's bogus? God, I watch that show!!! I should spend some more time here!

 

some of her financial advice is fine. and she is usful in that she gets people interested in their credit...but she often gives advice on credit that is not quite right. I still watch the show...but with LHK or GEORGE had their own shows...NOW THAT WOULD BE GOOD ADVICE!!!!!

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The impact, errr hit, of using more than 50% of your available credit. I knew it was bad, but when I was at 50% utilization, I found out just how bad the fico hit was.

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Before finding this place I thought ...

 

1 - If its on the credit report it must be true

2 - I have no choice but to wait the 7 years

3 - Everyone pays 18% on car loans and 25% on credit cards

4 - I was the only person not getting credit and that I was a worthless scumbag destined to be a burden on society [well thats what the CA told my mom :) ]

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I think GEORGE and LKH do sorta put on a show...I know when I see particular nicks have responded to a thread, I tend to click on it...

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What I didn't know -

 

That governemnt issued student loans were not subject to SOL.

That closing a good TL can hurt your score

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You can't be DENIED for a "PRE-APPROVED"

 

(many BANKS think otherwise)

 

Maybe I did have one misconception after all :)

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YOU CAN'T BE DENIED A CREDIT CARD WHEN YOU HAVE...

 

THE HISTORY

THE INCOME

THE SCORE

LOW DEBT

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YOU CAN'T BE DENIED A CREDIT CARD WHEN YOU HAVE...

 

THE HISTORY

THE INCOME

THE SCORE

LOW DEBT

 

This one is true, though... Well, maybe not if you're

 

curious%20george%20reads,%20writes%20and%20spells.jpg

:)

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If I dispute my report the CRA would send the FBI after me!

 

That a Particular credit group really had a disk with over 300 secret laws that only a lawyer knew.

 

living in a certain neighborhood would get you auto approval

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That my divorce was the end of my credit life.

That I'd never be able to buy a house, let alone get a credit card again!

That CA's and CRA's can do whatever they want to your CR & you are just stuck with it.

That I was destined to pay horrendous interest rates and would ALWAYS need a co-signer.

 

And, lastly...that my value as a citizen and human was based on FICO!

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When you have been with a company since 1988 YOU CAN'T BE DUMPED

 

When you have earned 300,000+ UNITED MILES YOU CAN'T BE DUMPED

 

When you have never been late or over-limit with a company since 1988 YOU CAN'T BE DUMPED

 

When you have had PERFECT CREDIT OVER ALL FOR 25+ YEARS YOU CAN'T BE DUMPED

 

When you PIF before the bill comes in the mail...and sometimes PIF 2 or 3 times a week YOU CAN'T BE DUMPED

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When you apply for a card with CHASE and you are denied for a 30 DAY LATE THAT IS AN INTERNAL ERROR IN THEIR COMPUTER...they will change their mind...WRONG

 

When they JACK your current account because of an internal BOGUS 30 DAY LATE...they will UN-JACK it...WRONG

 

When they investigate the BOGUS 30 DAY LATE AND FIND OUT THEY WERE WRONG ALL ALONG...they will approve you and UN-JACK YOU...WRONG

 

When they pull a HARD to investigate the BOGUS 30 DAY LATE they will remove it when they find out it is ONLY IN THEIR OWN COMPUTER...WRONG

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You should close all the accounts you don't use. (DUH - close your older TLs and will kill your FICO.)

 

If you don't need a large CL, you should request a lower CL. (There goes a low util. %.)

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The common myth that I read soon after I filed for BK nearly 8 years ago: There's too much of a paper trail to ever hope that a BK can be disputed off the credit reports. (It was supposedly a good idea to send in copies of the BK papers to show the balances were now zero, etc.)

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